Dogecoin (CRYPTO: DOGE), the meme cryptocurrency that started as a joke but has since gained a cult following, may be making a comeback, according to a new report from Galaxy Research.
What Happened: The report dated December 15 mentions the growing on-chain activity and potential for further gains that the meme cryptocurrency is experiencing.
At the time of writing, Dogecoin is trading at over $13 billion in market capitalization, making it one of the top 10 non-stablecoin cryptocurrencies “worth almost two times as much as Wyndham Hotels & Resorts and almost as much as Nissan.”
While its price performance has been underwhelming compared to other ecosystems, the report notes that Dogecoin continues to have a vibrant community. “Dogecoin, which we previously called The Most Honest Sh*tcoin due primarily to its transparent nature and lack of any premine or VC allocation, has languished this year,” read the report.
According to the report, DOGE is up around 77% from its bear market lows near $0.053 in June 2022 but is still down 86% from peak bull highs around $0.68.
The rise of “Doginals” brings a new facet to dog money utility, the report explains, and the upcoming launch of the DOGE-1 satellite stands to send Dogecoin to the moon – literally. The satellite, set to launch on January 12, 2024, is the first commercial lunar payload to be funded by any cryptocurrency and will be paid for entirely with DOGE.
Galaxy Research notes that, historically, Dogecoin has risen shortly after Bitcoin (CRYPTO: BTC) makes all-time highs, and the upcoming launch of the DOGE-1 satellite could lead to increased participation from retail players in the market as Bitcoin enters price discovery.
See Also: Polygon Labs Pulls The Plug On Open-Source Tool Used For Dogechain Development
Technical Analysis: Meanwhile, on the technical analysis side, Dogecoin’s Relative Strength Index (RSI) in 2023 showed several close or overbought conditions throughout the year, with a level close to the 70 threshold, indicating that the buying momentum may have been overextended.
Technical analysis of the DOGE-USD chart based on three different Simple Moving Averages (SMA) of 50-day SMA, 100-day SMA, and 200-day SMA shows that the price of Dogecoin is currently above all three SMAs, suggesting an upward trend.
It also…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
